IMMEDIATE RELEASE DAVILYN WALSTON
THURSDAY, MARCH 9, 2017 PUBLIC INFORMATION OFFICER
County Twins Sentenced in Foreign Currency Trading Scheme
PLANO, Texas – Dallas County twin brothers were sentenced to prison
for federal violations in the Eastern District of Texas, announced Acting U.S.
Attorney Brit Featherston today.
Roger Harvey Wagner, of Grand
Prairie, Texas and Rodney Lee Wagner, of Cedar Hill, Texas, each pleaded guilty
on July 7, 2016, to conspiracy to commit wire fraud and were sentenced to 48
months in federal prison on Mar. 8, 2017, by U.S. District Judge Amos Mazzant. The 52-year-old twins were also ordered to
pay restitution in the amount of $1,895,318.62.
to information presented in court, the Wagner brothers perpetrated what
amounted to a Ponzi scheme that caused investors to lose over $2.1 million.
From February through November 2010, the brothers solicited money from
investors to be invested in foreign currency trading. The brothers promised investors they would be
repaid their principal plus a fixed rate of return that would be paid out to
them over a series of weeks. Very little
of the invested money was used for foreign currency trading, and prosecutors
contended the money received from the latest investors was used to repay
earlier investors to keep them lulled.
scams, unfortunately, are in our midst,” said Acting U.S. Attorney
Featherston. “I encourage all potential
investors to fully investigate any investment opportunity before handing over
hard earned money. If a deal sounds too good to be true, as the saying
goes...it usually is! These two individuals may not wear a mask over their
face and may not carry a gun, but they are as much a thief as those that do,
and they deserve the just punishment handed down by the court."
This case was investigated by the Texas
State Securities Board and the Federal Bureau of Investigation and was
prosecuted by Assistant U.S. Attorneys Andy Williams and Tom Gibson.